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PSSG

Simplifying HR and payroll through software and outsourcing solutions

Partnership origins

In light of the strong annual growth in the UK and international payroll markets, the potential for expansion was crystal clear. Payroll, with its inherent compatibility with HR, recruitment, onboarding, and human capital management, presented a natural opportunity for diversification. As an increasing number of companies began to outsource functions from their head office, the consensus was that the outsourcing sector would continue to flourish.

The prevailing landscape featured major corporations dominating one end of the UK market, while a multitude of smaller “mom-and-pop” businesses populated the other, leaving a noticeable void in the middle. Thus, the vision emerged to consolidate three distinct enterprises – Cintra, Trace Payroll Services, and UnaTerra – into a sizeable platform capable of accommodating additional ventures.

The integration of these three business divisions – domestic, international, and software – each possessing complementary service portfolios and client bases, gave rise to a global payroll and HR services enterprise. This strategic merger found unwavering support from both PSSG’s CEO and Tenzing, rooted in their strong conviction about the endeavour’s potential.

Furthermore, the appeal of the three businesses was amplified when the acquisition of Cintra gave the group the capability to provide not only outsourced services but also payroll and HR software solutions.

PSSG Stairs Image

Why PSSG chose Tenzing

Eric’s longstanding relationship with the Tenzing team fostered a sense of complete trust in the three-way investment and the subsequent amalgamation.

In perfect alignment with Tenzing’s outlook on the market, PSSG’s CEO found the sector genuinely fascinating.

“There’s a lot you can do with a subject with which most people glaze over about. Payroll is about paying people what they are due, on time with the correct taxes and deductions made. Doing that better and more efficiently, either through software or outsourcing – and helping companies through what many of them see as a minefield – is a rewarding experience. It’s a great business to be in.”

Motivation for investment

The three constituents – Cintra, Trace, and UnaTerra – collectively recognised the need for additional expertise to shape their product offerings, services, and technological development strategies to fully realise their growth potential. A trade sale was swiftly dismissed in favour of the unwavering belief in the power of a united group, making private equity the natural destination for this platform.

What Tenzing specialise in is a lot of hard work to boost their returns. It's based upon choosing good businesses that might need to change, but fundamentally, their client base is good.”

Eric Dunmore
CEO of PSSG

How have we helped PSSG since investing?

Building the right senior management team to spearhead PSSG’s growth journey was no small feat. However, Tenzing played a pivotal role in achieving this objective by supporting the business in appointing a full C-Suite. According to the CEO, this accomplishment, coupled with the launch of a cloud-based customer offering and the ability to navigate the challenges posed by the pandemic, stands as the most significant investment milestones for the business to date.

Since its inception, PSSG has amassed a wealth of industry knowledge and has become an expert at acquiring and integrating companies with highly complementary offerings, all under the guidance of a dedicated Tenzing Acquisitions Director. The group has effectively established a platform capable of servicing businesses of all types and is steadily progressing towards its goal of expanding the array of products and services it offers to its global client base.

SHERPA

Hillary Wild

Hillary works with Eric Dunmore, CEO at PSSG, to drive operational excellence.
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Locations:
London (HQ)

Heddon House,
149-151 Regent Street,
London, W1B 4JD 

Stockholm

C/o Convendum (7th Floor),
Birger Jarlsgatan 57,
113 56 Stockholm

Munich

Mindspace (1st Floor)
Salvatorplatz 3
80333 München